Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.16% | 0.69% | 10.08% | 7.62% | 31.60% | 10.62% |
Revenue & Burn
Protocol income
$496.25KBuyback funds
$161.37KBurn funds
--Buyback ratio
32.5%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $496.25K | $161.37K | -- | 32.5% |
| Sep 2026 | $989.64K | $895.98K | -- | 90.5% |
| Aug 2026 | $664.03K | $892.38K | -- | 134.4% |
| Jul 2026 | $980.72K | $192.89K | -- | 19.7% |
| Jun 2026 | $24.61K | $600.28K | -- | 2438.4% |
| May 2026 | -$350.89K | $325.18K | -- | -- |
Comparison
Developer
Tokenomics
Unlock Progress
Unlock Event
| Date | Unlocked Token Amount | Unlocked M.Cap | M.Cap (%) | Allocation |
|---|---|---|---|---|
| Nov 17, 2026 | 278.9M SPK | $5.44M | 9.03% | 2 Allocation |
| Dec 17, 2026 | 278.9M SPK | $5.44M | 9.03% | 2 Allocation |
| Jan 17, 2027 | 278.9M SPK | $5.44M | 9.03% | 2 Allocation |
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| Maker: MCD Pause Proxy (98fb) |   SPK | 4,787,964,492.96 | 47.88% | $93.52M |
| 0x3300...f8c4 | SPK | 954,490,745 | 9.54% | $18.64M |
| 0xc613...f8fd | SPK | 737,420,772.07 | 7.37% | $14.4M |
Follow Updates
Follow Lists
People
About Spark Protocol
Spark Protocol is a decentralized lending and liquidity platform under Sky (formerly MakerDAO), developed by Phoenix Labs. Its core business includes SparkLend, a multi-asset lending market on Ethereum, and Isolated Markets, single-collateral lending pools built on Morpho's infrastructure. Spark also operates a stablecoin FX layer on Uniswap v4, using a custom hook called DualPool that keeps idle liquidity earning yield in Spark vaults and only routes it into pools during swaps.
Spark's key narrative is its pivot from a consumer-facing app to a B2B2C backend. It shelved its retail app indefinitely and now supplies yield and liquidity to fintech platforms like Robinhood and PayPal. For example, Robinhood's Earn product routes USDG deposits into Morpho vaults curated by Steakhouse Financial, which allocate across Ethena's USDe, Maple's syrupUSDG, and Spark's spUSDG. This model addresses the market pain point of fragmented stablecoin liquidity and high competition in retail DeFi.
In the past six months, Spark moved about $150 million into Uniswap v4 USDS/USDT and USDS/PYUSD pools, capturing roughly 30% of Uniswap's stablecoin-to-stablecoin volume. Its OTC bitcoin-backed lending reached about $260 million outstanding, with a $1 billion year-end target. However, annual revenue fell from roughly $80 million during the bull market to about $20 million, reflecting broader DeFi headwinds and the cost of its strategic shift.
Spark Protocol's TVL surpassed 10 billion USD, signaling major adoption in decentralized lending.
The protocol released its Q2 2026 financial report, posting 40.6 million USD in total revenue despite a 79% sequential drop in net surplus.
Co-founder: Sam MacPherson (@hexonaut), previously Protocol Engineering at MakerDAO, co-founded Phoenix Labs which develops Spark Protocol.
Core contributors: Lucas Manuel (@lucasmanuel_eth), ex-MakerDAO smart contract engineer, co-founder of Phoenix Labs; Nadia (@nad8802), core contributor at Phoenix Labs.